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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
 COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze power producers' margins in 2017, says Fitch Ratings. Margins are also expected to suffer as more electricity is sold under direct power sales (DPS) programmes at a discount to the benchmark on-grid tariff as well as from falling plant utilisation levels.
China's National Development and Reform Commission (NDRC) said on 4 January 2017 that the benchmark on-grid tariff for coal-fired power will remain unchanged in 2017, despite a strong coal price rally starting from 3Q16.
Fitch further noted that, China introduced a coal price pass-through mechanism in early 2016, which specifies that coal-fired power generators' on-grid tariff will be reviewed at the start of each year to reflect coal price changes in the previous year. In this week's announcement, the NDRC further specified that the average NDRC national coal price index from November 2015 to October 2016 was used as reference to decide the tariff pass-through amount. According to the price formula, on-grid tariff should increase by CNY0.18 cents per kilowatt hour (KWh) to reflect the coal price change in that period. However, changes less than CNY0.2 cent/KWh will not be made, but will accumulate into the next review period.
Although the current Qinghuangdao seaborne coal price is already 15% lower than its peak in 2016 due to NDRC measures to increase coal supply and contain coal prices, it remains more than 30% higher than the average 2016 price as coal prices were much lower in 1H16. We expect coal prices to fall further with policy intervention; however, the average 2017 coal price, especially in 1H17, is likely to be higher than for the same period last year. As such, dark spread - the difference between power tariffs and unit coal costs - for coal-fired power generators will be lower than in 2015 and early-2016.
At the same time, Fitch said, power volumes sold under DPS are increasing. The NDRC reports that power sold under DPS increased to 700 billion KWh in 2016, up from 430 billion KWh in the previous year. This represents around 12% of China's total power demand or 17% of power demand from the energy-intensive secondary industry, which accounted for around 71% of the country's total power consumption in 2016. According to NDRC, the average discount on DPS is around CNY6.4 cent/KWh, which is around 18% of China's national average on-grid tariff.
However, Fitch estimates the discount for power sold under DPS is around 20% in regions with higher power demand and less competition, and 30% or higher in regions that suffer more from power overcapacity. Coal-fired power generators' dark spread is likely to be further squeezed as China aims to expand the scale of DPS in 2017.
We also expect coal-fired power utilisation hours to decline with slowing power demand growth and still-high capacity additions. We expect some smaller players are likely to be loss-making and forced out of the market, while large-scale and highly-efficient power generators or power-heat co-generation generators in regions with stable power demand or access to lower-cost coal will be final winners under these changes taking place in China electricity market, Fitch concluded.
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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
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